Topaz Traders is a wholesaler that purchases and sells goods for cash and on credit. Topaz Traders is a registered VAT Vendor and only transacts with other VAT Vendors. The applicable VAT rate is 15%. You have been provided with the following list of transactions of Topaz Traders relating to the purchase and sale of good for the month of May 2022 : Additional information: - Topaz Traders uses the perpetual inventory system. - All goods are sold with a mark-up of 15% on cost. - Topaz Traders received a 10% settlement discount on the 20th of May from Ruby Wholesalers. Required: Answer the following questions: Q.3.1 Debit notes and credit notes are source documents used for transactions with (4) debtors and creditors. (c) The Independent Institute of Education (Pty) Ltd 2023 In your own words explain how these documents are used in the accounting system. Include in your answer the VAT information required on each of the documents. Q.3.2 What is the difference between a trade discount and a settlement discount, and (4) how will these two discounts be accounted for? Q.3.3 Use the relevant transactions from those given above to complete 3.3 .1 and 3.3.2 for Topaz Traders for the month of May 2022. Q.3.3.1 Creditors Journal Q.3.3.2 Creditors allowances Journal Q.3.4 In which journal will the transaction on the 20th of May be recorded? Q.3.5 In which journal will the settlement discount received be recorded? (1) Topaz Traders is a wholesaler that purchases and sells goods for cash and on credit. Topaz Traders is a registered VAT Vendor and only transacts with other VAT Vendors. The applicable VAT rate is 15%. You have been provided with the following list of transactions of Topaz Traders relating to the purchase and sale of good for the month of May 2022 : Additional information: - Topaz Traders uses the perpetual inventory system. - All goods are sold with a mark-up of 15% on cost. - Topaz Traders received a 10% settlement discount on the 20th of May from Ruby Wholesalers. Required: Answer the following questions: Q.3.1 Debit notes and credit notes are source documents used for transactions with (4) debtors and creditors. (c) The Independent Institute of Education (Pty) Ltd 2023 In your own words explain how these documents are used in the accounting system. Include in your answer the VAT information required on each of the documents. Q.3.2 What is the difference between a trade discount and a settlement discount, and (4) how will these two discounts be accounted for? Q.3.3 Use the relevant transactions from those given above to complete 3.3 .1 and 3.3.2 for Topaz Traders for the month of May 2022. Q.3.3.1 Creditors Journal Q.3.3.2 Creditors allowances Journal Q.3.4 In which journal will the transaction on the 20th of May be recorded? Q.3.5 In which journal will the settlement discount received be recorded? (1)